Question
Suppose Henry has the following utility function: u(x, y) = min{2x, y}. Assume market prices of both goods to be $1 per unit. (a) Draw
Suppose Henry has the following utility function: u(x, y) = min{2x, y}. Assume market prices of both goods to be $1 per unit.
(a) Draw anindifference curve that passes through point (2, 4).
(b) What is the maximum utility that can be realized if Henry has a total income of $30?
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Principles Of Microeconomics 3e By OpenStax
Authors: OpenStax
3rd Edition
1711471496, 978-1711471495
